The Union Budget is prepared with meticulous care and a methodical approach. The preparation of the final budget involves various steps.
The preparation of the budget starts in the August-September period. the Finance Ministry sends out annual budget Circulars, forms, and details to concerned ministries and departments to further distribute and have field officers collect the necessary information.
Data accumulated by ground-level officers is then verified by top officials, then concerned ministries, and finally by the Finance Ministry.
After careful inspection, ministries allocate revenue to administrative ministries. Finance Ministry, CBDT, and CBIC collaborate on estimated revenues to be generated and estimated expenditures.
The budget is then printed, marked by the customary Halwa Ceremony. The budget team then merges al, proposed figure and prepares the ‘Final Budget.’ After the President’s recommendation, the budget is then presented in Lok Sabha for discussion and approval.
